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Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

Volvo debuts new Drive-E four-cylinder engines

Volvo is introducing a new engine family based on its new Drive-E philosophy, which encompasses "all innovations made to reduce the impact on the environment," the automaker says. Less cylinders allows for less environmental impact, so the new engines are all four-pots. They also were designed to pair easily with Volvo's upcoming hybrid drive system, which "will reach power figures in the V8 territory" and play a "dominant part of the top end of [Volvo's] range," says Derek Crabb, Vice President Powertrain Engineering. Volvo also says we can expect "power curves that give exciting drivability compared with engines with more cylinders."
Volvo says some versions of the engine were designed targeting best-in-class fuel economy. There are both gasoline and diesel options, but the latter of which isn't scheduled for US consumption. Instead, the US will be offered two states of tune of the gasoline Drive-E engine for front-wheel-drive vehicles. Some of Volvo's current all-wheel-drive powertrains will remain available in the US until the company has transitioned solely to the new, fuel-efficient inline-fours.

Apple announces CarPlay in-car iPhone interface

Apple, maker of tech items like the iPhone, iPad and Mac line of computers, is extending its reach into the automotive market, making a fairly big announcement ahead of the Geneva Motor Show. No, it hasn't bought Tesla (yet). Instead, Apple has announced CarPlay, an all-new means of controlling an iPhone through your car.
Now, this doesn't strike us as some gimmicky thing. It's become increasingly common for automakers to take advantage of the high-speed data streams its customers enjoy on their smartphones in order to integrate navigation, traffic, audio and other infotainment items into a car's touchscreen interface. The Chevrolet Spark and Sonic are two prime examples of this move, using an iPhone's data stream for Siri integration and data for a third-party navigation app.
Owners will be able to plug in their iPhones to their cars via the USB port and gain control of a number of the device's functions, all through a car's touchscreen.